Boldfit Ropes KL Rahul, ONDC Launches Interoperable QR Code, Navi Finserv Closes Deal With JP Morgan and more

SEBI has sent Avanse Financial Services back to the drawing board with its DRHP, while Boldfit gains momentum by bringing cricketer KL Rahul on board as an investor. Gemba Capital is making waves with its INR 250 Cr second fund, set to support fintech, consumer tech, and B2B ventures. ONDC's new interoperable QR code promises to streamline transactions, and Vitra.ai scores a 10% stake from IIFL Fintech Fund to boost its GenAI tech. Meanwhile, Sachin Bansal's Navi Finserv wraps up a $38 Mn securitization deal with JP Morgan.

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What Matters

“Ae, Tu Apna Maal Le Re”: SEBI Returns Avanse Financial Services DRHP

SEBI has returned the IPO draft documents of four firms, including Avanse Financial Services, as per an update on Tuesday. The education-focused NBFC, along with Vishal Mega Mart and TPG Capital-backed Sai Life Sciences, must now address regulatory concerns.

This development underscores the stringent scrutiny these companies face in their pursuit of going public.

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“Bring It On”: D2C Fitness Brand Boldfit Ropes In Cricketer KL Rahul As Investor

Indian cricketer KL Rahul has stepped up as an investor and brand ambassador for Boldfit, the Bengaluru-based D2C fitness brand. With a lineup of over 400 products, Boldfit aims to double its revenue to INR 150 Cr in FY24 and expand into the Middle East market.

They're also gearing up to open 100 offline stores across India in the next four years—game on.

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“Saathi Haath Badhana”: Gemba Capital Floats INR 250 Cr Second Fund To Back Fintech, Consumer Tech And B2B Businesses

Gemba Capital has launched its second fund, raising INR 250 Cr to support fintech, consumer tech, and B2B businesses. The Bengaluru-based micro VC aims to invest in 30 early-stage 'platform-first' startups, with an average ticket size of INR 5 Cr.

Founded in 2018, Gemba Capital plans to reserve 30% of the corpus for follow-on investments, continuing its legacy of backing over 120 founders across 50 startups.

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“Abhi Toh Party Shuru Hui Hai”: ONDC Launches Interoperable QR Code

ONDC has introduced an interoperable QR code in its alpha phase, enabling sellers to create unique QR codes for easy scanning via an ONDC-registered buyer app. These QR codes can be displayed on storefronts, products, marketing materials, or social media, simplifying the buying process.

Consumers can effortlessly scan the codes with any QR scanner app or the ONDC Buyer App, enhancing the shopping experience.

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“Swagat Nahi Karoge Humara”: IIFL Fintech Fund Picks Up 10% Stake In GenAI Startup Vitra.ai

IIFL Fintech Fund has acquired a 10% stake in Vitra.ai, a GenAI startup specializing in advanced language translation. With this fresh infusion, Vitra.ai plans to enhance its technology and expand its reach globally, enabling creators and businesses to translate videos, images, podcasts, and text into over 75 languages.

The startup's cap table already boasts 100X.VC and Inflexor Ventures, marking another step forward in its growth journey.

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“Hum Saath Saath Hai”: Sachin Bansal’s Navi Finserv Closes $38 Mn Securitization Deal With JP Morgan

Sachin Bansal’s Navi Finserv has sealed a $38 Mn (INR 318.2 Cr) securitization deal with JP Morgan to fuel the expansion of its digital personal loans business. This new funding follows an earlier INR 150 Cr raised through bond issuance from investors like Dadachanji Group chairman Kairus Shavak Dadachanji.

With these financial boosts, Navi Finserv is set to scale up its operations and strengthen its market presence.

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1. Vayana Network is set to raise $20 Mn from SMBC Asia Rising Fund, along with Jungle Ventures, Chiratae Ventures, IFC, and others, as part of its ongoing Series D round. This funding tranche values the trade financing startup at around $240 Mn.

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2. IndiaMART's Q1 profit soared 37.3% year-over-year, surpassing the INR 100 Cr mark to reach INR 114 Cr. Operating revenue also climbed 17.4%, hitting INR 331.3 Cr compared to INR 282.1 Cr in the same period last year.

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3. Cybersecurity startup WhizHack secured $3 Mn in its Pre-Series A round from SAAA Capital, valuing the company at $100 Mn. This funding boost aims to accelerate WhizHack's growth and innovation in the cybersecurity space.

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4. CarTrade's Q1 net profit surged 69.4% year-over-year to INR 22.89 Cr, with operating revenue climbing 64% to INR 141.17 Cr. The company's EBITDA also saw a remarkable 295% increase, reaching INR 21.58 Cr for the quarter.

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5. Dunzo cofounder Mukund Jha is looking to raise INR 50-80 Cr ($6-10 Mn) from Together Fund for his new GenAI venture, which aims to automate quality assurance processes. The startup will integrate AI with SaaS to streamline QA checks and ensure product quality.

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6. Rays Power Experts has secured Rs 20 Cr in equity funding from a consortium including Sunil Singhania's family office, Vyom Wealth Advisors, Lalit Dua, Vineet Arora, and Moheet Agarwal. The funds will support the company's expansion as a leading solar park developer in India.

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